Fidelity International is to downsize its presence in the UK further as it plans to close its Kent office and relocate 650 staff by 2020.
The asset manager, which currently operates in London, Surrey and Kent, says by 2020 it will move “the majority” of the 650 employees from Tonbridge, Kent to its Kingswood office in Surrey.
The Kent office mostly employs staff in back-office areas such as technology, investment management operations and central functions.
The firm will conduct a review starting in January 2018 to set the details of the transfer.
Fidelity International currently has 2,000 staff in the UK.
In July 2016, Fidelity said it planned to move 100 of its UK staff to Dublin as part of “a long-term strategy”, but said the plans were not Brexit-related.
Fidelity International UK managing director Peter Horrell says: “We have to work in different ways to deliver for our clients and that includes being more efficient, more collaborative and working with more flexibility. We believe it is much easier to achieve this with one suburban site rather than have our infrastructure and our staff spread across two.
“Closing an office is never an easy decision to make but it is our clear intention and also our strong desire that the majority of people who work in our Kent office will come with us to Kingswood in Surrey and continue with their roles in a different location.
“We believe our Kingswood location gives us the best opportunity for this more flexible and collaborative way of working and we will be developing a new and modern work space to accommodate this.”